ASP 2016 US (Sunshine Holdings) LP

Investment decisions are made by Adams Street Partners, the manager and parent entity of the vehicle. Jeffrey Diehl serves as Managing Partner and Head of Investments, overseeing the firm's investment committees and strategy. Adams Street's partnership model centralizes underwriting, sourcing, and portfolio construction across all pooled vehicles, including the Sunshine Holdings LP.

ASP 2016 US (Sunshine Holdings) LP is a pooled vehicle that aggregates capital from multiple institutional limited partners into a single limited-partner entity. This structure allows smaller pension funds and foundations to access Adams Street's broader portfolio — spanning primaries, secondaries, co-investments, and real assets — without making separate commitments to each underlying fund. It functions as a turnkey allocation solution rather than a single-strategy fund.

Known limited partners include the Air Force Aid Society, a charitable organization providing financial assistance to Air Force families. The vehicle also draws capital from pension funds, endowments, and foundations. Its pooled design is specifically tailored to institutions that want diversified private-market exposure but lack the in-house resources to manage multiple manager relationships and co-investment programs directly.

Adams Street Partners is the founder, manager, and general partner of ASP 2016 US (Sunshine Holdings) LP. The firm sources, underwrites, and monitors all investments the vehicle holds. Adams Street traces its private-equity practice to 1972 at First National Bank of Chicago and spun out as an independent partnership, now managing over $50 billion across private-market strategies (per the firm's public disclosures, 2025).

The vehicle commits across the full Adams Street toolkit — primary fund commitments to buyout, growth equity, and venture capital managers; secondary purchases of existing LP interests; and direct co-investments alongside general partners. Known Adams Street holdings within the broader portfolio include the Global Secondary Fund 6, Co-Investment Fund III, and the Connor Group Real Estate Income & Growth Fund XI, a mixed-use real estate vehicle.

There is no public, vehicle-specific geographic or sector restriction disclosed. Adams Street deploys across North America, Europe, and Asia, and the vehicle inherits that global mandate. The manager is a member of the National Venture Capital Association and a Principles for Responsible Investment signatory, which indicates adherence to standard institutional ESG screening norms rather than a formal thematic restriction.

Adams Street Partners exercises full investment discretion through its partnership governance structure. The firm's Chairman T. Bondurant French and Managing Partner Jeffrey Diehl sit atop a centralized investment committee. Limited partners in the Sunshine Holdings LP cede day-to-day investment authority to the manager — a standard pooled-vehicle arrangement — while retaining standard LP rights around reporting, advisory committee participation, and withdrawal provisions consistent with the vehicle's governing documents.